Neo, a wealth and asset management company, has received $35 million from Peak XV Partners in a growth investment round. One of Peak XV’s largest investments for 2023 is this one.
According to Neo, the money will be used to hire new employees, deepen the asset management franchise, and develop and expand the wealth management business.
Nitin Jain founded Neo, which offers advisory and yield-based investment solutions to some of the top billionaires in the nation. Neo makes the claim that these solutions are transparent and affordable.
Before that, the business raised $40 million from investors such as Goyal Group and Morde Foods. It was impossible to determine the timeline for prior funding.
In the high-net-worth, ultra-high-net-worth, and multi-family office segments, it has more than 1,000 clients, according to Neo. It also benefits international institutions like sovereign wealth funds, insurance firms, endowments, and pension funds.
The two-year-old business also states that it has $3 billion (about 25,000 crores of rupees) or more in assets under advisement (AUA), including $360 million (about 3,000 crores of rupees) in assets under management (AUM).
According to startup data intelligence platform TheKredible, the company was in the pre-revenue stage in FY22 with a total revenue of Rs 1.89 crore and a profit of Rs 0.75 crore. The business has not yet submitted its audited financial data for FY23.
Since changing its name in June of this year, Peak XV Partners has invested in about a dozen startups, including Grapevine, Bright Money, Digantara, Pingsafe, Atlys, Plotch, and Ethereal Machines. In terms of investment size, Neo, however, is in first place.
